New Investor ICONIQ Capital Leads Series C Round
SAN FRANCISCO--(BUSINESS WIRE)--Zinier, the leader in intelligent field service automation, today announced that it has raised $90 million in Series C funding to transform field service workforces with AI-driven automation. New investor ICONIQ Capital led the round with new participation from Tiger Global Management, and return investors Accel, Founders Fund, Nokia-backed NGP Capital, France-based Newfund Capital and Qualcomm Ventures LLC. The funding will support global customer adoption and expansion of Zinier’s AI-driven field service automation platform, ISAC.
In the past year, more than $100 million was invested in Zinier to transform the way field service work gets done. From the electricity that lights up homes to wireless connectivity that enables communication around the world, it’s expected that these services work on demand. For companies that enable these services, the most important work falls on their field service organization. Historically, these teams have been slowed down by legacy systems and manual processes. As margins shrink and the volume of work continues to rise, it’s critical for enterprises to have real-time visibility into the field and drive productivity by automating routine work.
“Services that we rely on every day - electricity, transportation, communication - are getting by on centuries-old infrastructure that requires a major upgrade for the next generation of users,” said Arka Dhar, co-founder and CEO of Zinier. “A field service workforce powered by both people and automation is necessary to execute the massive amount of work required to not only maintain these critical human infrastructures, but to also prepare for growth. Our team is focused on enabling this transformation across industries through intelligent field service automation.”
Less than two years ago, Zinier built its own technology platform, ISAC, from the ground up and entered the market to help enterprises make the leap from reactive field service management to proactive field service automation. Since then, Zinier has worked with leading global companies like Black & Veatch and Car-Sa, and formed strategic partnerships with system integrators like Capgemini and Tata Consultancy Services.
“Zinier is poised to disrupt field service delivery as we know it,” said Will Griffith, Partner at ICONIQ Capital. “It is critical for companies to optimize this costly and complex part of their business, and Zinier has the platform-based technology and team to take on this global, multi-industry market. We are excited to partner with Zinier and support them in their mission of changing the paradigm on field service work on a global scale.”
This round of funding will accelerate:
- Continued global expansion including entry into Australia, Brazil, Chile, France and the Iberian Peninsula.
- R&D to expand ISAC’s AI-driven platform capabilities and configurability.
- Expansion into additional industries that rely on field service work for business success.
- Partnerships with leading system integrators around the world.
“Early field service software providers emerged decades ago and their solutions reflect just that,” said Dinesh Katiyar, Partner at Accel. “We continue to invest in Zinier because of its platform, its people and its potential to empower field service workforces with a dramatically more intelligent solution. Capturing and understanding data on the ‘who, what and where’ is critical to the mobile workforce of the future and Zinier is enabling enterprises to truly optimize this critical part of the business for the first time.”
2020 will be a pivotal year for companies providing services across telecom, energy, utilities and beyond. From the preparation for 5G to managing new data streams created by IoT-connected devices, field service organizations are a key driver of business growth and enabling game-changing developments that impact how we live.
Zinier’s intelligent field service automation platform helps organizations work smarter—from the back office to the field—to solve problems more quickly, fix things before they break, and maintain the services that we rely on every day. Field service organizations around the world use our AI-driven platform to supercharge every aspect of their field service operations. We are a global team headquartered in Silicon Valley with leading investors including Accel, ICONIQ Capital, Founders Fund, Newfund, NGP Capital, Tiger Global Management and Qualcomm Ventures LLC. Learn more at www.zinier.com.
About ICONIQ Capital
ICONIQ Capital is a privately-held financial advisory and investment firm, and a partner of choice for exceptional entrepreneurs, leaders and institutions around the world. The firm invests in technology growth equity and real estate asset classes and employs a distinctive ecosystem to build enduring businesses. ICONIQ is a trusted advisor fostering meaningful strategic relationships across industries to source powerful ideas, magnify global impact and support a new generation of entrepreneurs and companies. For a full list of investments made by ICONIQ Growth, an affiliate of ICONIQ Capital, please visit here.
Accel is a leading venture capital firm that invests in people and their companies from the earliest days through all phases of private company growth. Acko, Atlassian, BlackBuck, BlueStone, BookMyShow, Braintree, BrowserStack, Cloudera, Collectabillia, CureFit, DJI, Dropbox, Etsy, Facebook, Flipkart, Freshworks, Housing-PropTiger, Lookout Security, Mitra Biotech, MuSigma, Myntra, Ola, Paxata, Portea, Qualtrics, Samunnati, Slack, Spotify, Supercell, Swiggy, UrbanClap and Vox Media are among the companies the firm has backed over the past 30 years. The firm seeks to understand entrepreneurs as individuals, appreciate their originality and play to their strengths, because greatness doesn't have a stereotype. For more, visit www.accel.com, or www.twitter.com/accel_india.